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TheStreet Open House

Calpine Completes Purchase Of Bosque Power Plant In Central Texas For $432 Million

Calpine Corporation (NYSE:CPN) today completed the acquisition from Bosque Power Company, LLC, of a natural gas-fired, combined-cycle power plant located in Bosque County, Texas. Calpine purchased the plant, which has generating capacity of 800 megawatts, for $432 million plus adjustments, or $540 per kilowatt.

“Bosque is a modern combined-cycle plant making it a good fit for our clean and efficient Texas fleet. I am pleased to welcome our new employees at Bosque to the Calpine team,” said President and Chief Executive Officer Jack Fusco. “This acquisition represents Calpine’s commitment to continue to be part of the solution to help meet Texas’ need for reliable and affordable wholesale energy as demand grows, ERCOT’s reserve margin shrinks, and the state looks to transition from a market structure insufficient to incentivize meaningful new construction to a market structure that assures reliability well into the future.”

Upon purchase, Calpine changed the name of the merchant plant to the Calpine Bosque Energy Center. The 280-acre site is located near the unincorporated community of Laguna Park in Central Texas.

The Bosque Energy Center comprises two generation blocks:

  • a 250-megawatt block with one natural-gas turbine, one heat-recovery steam generator and one steam turbine that achieved commercial operations in June 2001 and
  • a 550-megawatt block with two natural-gas turbines that went online in June 2000 as well as two heat-recovery steam generators and one steam turbine that achieved commercial operations in June 2011.

About Calpine

Calpine Corporation is the largest independent power producer in the U.S., with a fleet of 94 power generation plants representing nearly 29,000 megawatts of generation capacity. Last year our plants generated more than 94 million megawatt hours of power for our wholesale customers in 20 states and Canada. Our 92 operating plants as well as two under construction consist primarily of natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our modern, clean, efficient and cost-effective fleet stands ready to respond to the increased need for cleaner and more affordable power as the economy recovers, as new environmental rules are implemented and force older, dirtier plants to retire or reduce generation, as variable renewable power generation from wind and solar grows and with it the need for flexible natural gas generation to assure firm supply to the grid, and finally, as natural gas becomes economically competitive with coal as a fuel for power generation. Please visit www.calpine.com to learn more about why Calpine is a generation ahead - today.

Forward-Looking Information

In addition to historical information, this release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will” and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Please see the risks identified in this release or in Calpine’s reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended Dec. 31, 2011. These filings are available by visiting the Securities and Exchange Commission’s website at www.sec.gov or Calpine’s website at www.calpine.com. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Calpine undertakes no obligation to update any such statements.

Copyright Business Wire 2010

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